2019-22954: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
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The Commodity Futures Trading Commission ("Commission" or "CFTC") is seeking comment on a proposed amendment to the margin requirements for uncleared swaps for swap dealers ("SD") and major swap participants ("MSP") for which there is no prudential regulator (the "CFTC Margin Rule"). As adopted in 2016, the CFTC Margin Rule, which mandates the collection and posting of variation margin and initial margin ("IM"), takes effect under a phased compliance schedule extending from September 1, 2016 to September 1, 2020. The proposed amendment would extend the compliance schedule to September 1, 2021, for entities with smaller average daily aggregate notional amounts of swaps and certain other financial products. By extending the compliance schedule, the proposed amendment would mitigate the potential market disruption that could result from such a large number of entities coming into the scope of the IM requirements on September 1, 2020.
The agency’s own summary, as published.
What this changes
Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.
Rulemaking docket
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